- Industry: Accounting
- Number of terms: 7464
- Number of blossaries: 0
- Company Profile:
(observation) Watch and test a client action (such as taking inventory).
Industry:Accounting
Assertions about occurrence deal with whether recorded transactions have occurred during a given period. For example, management asserts that sales in the income statement represent the exchange of goods or services with customers for cash or other consideration.
Industry:Accounting
Access to a computer for immediate processing without having to wait for a batch of transactions to be processed at a later time.
Industry:Accounting
How an internal control was applied, the consistency with which it was applied, and by whom.
Industry:Accounting
A CPA's conclusion held with confidence but not substantiated by positive knowledge or proof.
Industry:Accounting
The paragraph in the audit report that expresses the auditor's conclusions. The wording of the standard, unqualified opinion paragraph is: "In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of XYZ Company at December 31, year A, and the results of its operations and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles."
Industry:Accounting
Is a listing of goods or services requested from a supplier with specifications and desired delivery method. A company starts the purchase process internally with a requisition, which results in an order being transmitted to a supplier. When the supplier ships the goods or provides the service, an invoice is sent to the customer telling the customer the specifications, delivery method, and price of those goods or services.
Industry:Accounting
The objective of the overall review stage of the audit is to assess conclusions reached, and evaluate the overall financial statement presentation. The overall review includes reading the financial statements and notes and considering adequacy of evidence gathered in response to unusual or unexpected balances. Results of an overall review may indicate the need for additional evidence.
Industry:Accounting
